The dollar fell against the euro and yen on Wednesday after major emerging
economies cast doubt on its long-term future as the world's main reserve
currency, dealers said.

In late morning trading in London, the European single currency climbed
to 1.3867 dollars from 1.3838 dollars in New York late on Tuesday.

Against the Japanese currency, the dollar slipped to 96.30 yen from 96.42
yen on Tuesday.

Leaders of the so-called BRIC nations -- Brazil, Russia, India and China
-- had on Monday called for a "more diversified" currency system.

"The BRIC leaders are divided between supporting the US dollar --
as it is the only choice for now -- and advancing the march for an alternative,"
said Phil McHugh, who heads the corporate foreign exchange desk at currenciesdirect.com.

"The (BRIC) meeting... will affect future sentiment on the dollar,"
he added.

Elsewhere on Wednesday, investors awaited an announcement from US President
Barack Obama on reforms of the financial system.

Obama was expected later in the day to propose wide reforms that would
result in the Federal Reserve gaining broad powers and a national bank supervisor
being created to avoid a repetition of the financial turmoil.

It will be the first major bid to overhaul the highly complex US financial
regulatory network since a US home loan meltdown shook the core of the system
and sent global markets into a tailspin.

"We're going to make sure that we've got a systemic regulator, somebody
who can oversee the entire system and, when you start seeing the kinds of
risks that we saw being taken in this last crisis, that we can catch it
before the crisis occurs," Obama told financial news channel Bloomberg
Television.

Officials told a media briefing that Obama would propose a Financial
Services Oversight Council led by the Treasury Department to oversee supervision
of the financial system.

In trading here on Wednesday, the euro was changing hands at 1.3867 dollars
against 1.3838 dollars late on Tuesday, at 133.52 yen (133.45), 0.8486 pounds
(0.8434) and 1.5086 Swiss francs (1.5059).

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